Ripple Announces NEW Partnership!• June 15, 2023 11:06 am • Comments
Ripple has teamed up with yet another central bank of a sovereign nation.
According to reports, the central bank of Columbia, Banco de la República, has agreed to a test pilot of its CBDC program using Ripple’s CBDC platform.
The program will be ongoing for the rest of 2023, with the primary purpose of acclimating the public to blockchain technology and cryptocurrency.
Ripple CTO David Schwartz previously explained that Ripple’s new CBDC platform can make use of XRP but does not require Ripple’s native currency to run.
Crypto enthusiasts and investors greeted the recent announcement with much excitement:
BREAKING $XRP RIPPLE NEWS
Ripple just announced a partnership with the Central Bank of Columbia
The bank will use Ripple's CBDC platform and the XRPL tech
The main aim is to improve it's high value payments system
💥This is HUGE for RIPPLE XRP
— The O Show (Wendyo.eth) (@The_O_Show_) June 15, 2023
— HighVibe 💥🔥💥 (@HighVibeAssets) June 15, 2023
Exciting news! Ripple's partnership with the Central Bank of Columbia to improve their high value payment system is a major step forward for the XRPL tech and the future of Ripple.
— hugh.zk 🇸🇬 (@hugh__dicki) June 15, 2023
Crypto Slate provided this quote from Ripple’s VP of CBDCs, James Wallis:
“This partnership showcases our commitment to driving innovation and efficiency, ultimately empowering public entities to unlock the full potential of secure and transparent transactions.”
According to Kashta, XRP is already a significant asset in Columbia, 2nd only to Bitcoin—this is based on data from 2022.
I'll be following the volumes for any changes over time.
— Kashta☀️ (@Kashta9) July 7, 2022
Daily Coin reports:
This momentous partnership comes in the wake of Colombia’s government contemplating the introduction of a central bank digital currency as a catalyst for seamless transactions and a potent weapon against tax evasion.
Additionally, plans are underway to restrict cash transactions exceeding 10 million Colombian pesos ($2390), further solidifying the government’s commitment to embracing the digital realm.
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